The Sixth Generation of Contract of Work was granted to Martabe Project. The area overlaps into North Tapanuli, Central Tapanuli, South Tapanuli, Padangsidimpuan and Mandailing Natal.
PT Horas Nauli replaced PT Danau Toba Mining to develop Martabe Gold Mine.
PT Newmont Horas Nauli replaced PT Horas Nauli.
PT Agincourt Resources replaced PT Newmont Horas Nauli to continue the development of Martabe Gold Mine.
Oxiana became the owner of the Martabe project through the acquisition of Agincourt Resources in early 2007. Following a review of a Definitive Feasibility Study (DFS), Oxiana’s Board approved development of the Martabe gold and silver project in December 2007.
Feasibility Study, AMDAL, and Construction Permit of Martabe Gold Mine were obtained. Construction activities were commenced by access opening, constructions at laydown and camp areas, and preparation for plant site construction.
G-Resources, the Hong Kong public-listed company, took over the ownership and development of Martabe Gold Mine Project in July.
Martabe project reached the peak of construction activity. More than 4,000 workers absorbed, 40% of whom were recruited from the South Tapanuli and other regions in North Sumatra.
The signing of the 5% share of PT Agincourt Resources transfer agreement to the Government of South Tapanuli Regency and the Government of North Sumatra Province on 24 July. First gold was poured on 24 July.
G-Resources as the main shareholder is replaced by a consortium led by EMR Capital, a specialist mining private equity fund (61.4% of shares). The consortium also includes Farallon Capital, a global financial investor (20.6%), Martua Sitorus (11%) and Robert Hartono & Michael Bambang Hartono (7%).
Mining commences at the Ramba Joring pit. Completion of 2017 sees the most successful production and exploration results in PTAR’s history. The operation milled a record 5.35 Mt to produce 355,000 ounces of gold. The exploration and resource development program included 120k metres drilled by up to 15 rigs with Mineral Resources increasing to 8.8 million ounces gold and Ore Reserves increasing to 4.7 million ounces gold. Strong operating cash flows, increased reserves and a longer mine life enabled the Company to refinance its $425 million senior debt with a longer tenor, lower interest rates and more favorable terms and
The main shareholder, owned by a consortium led by EMR Capital, has been replaced by PT Danusa Tambang Nusantara.